Brian Niles and James Lapushner to join Morgan Stanley Real Estate (UK)

Morgan Stanley today announced two senior hires in its real estate business: James Lapushner will join as an Executive Director and Head of Acquisitions for Germany, and Brian Niles will join as an Executive Director and Chief Financial Officer for Special Situations Fund III ("SSIII") and Chief Operating Officer for Morgan Stanley Real Estate Investing ("MSREI") in Europe. Both appointments are effective mid June 2006.

Mr. Lapushner, who will be based in Frankfurt, joins from Credit Suisse, where he most recently ran that firms real estate lending operations in Germany, Austria, Switzerland, and Central Europe. In his new role, Mr. Lapushner will lead the firms already established, but still growing investing effort in Germany and report to Glenn Aaronson, head of Morgan Stanley Real Estate's investing business in Germany.

Mr. Niles, who will be based in London, joins from Goldman Sachs, where he was most recently a senior member of their real estate lending and principal finance group. In his new role, Mr. Niles will focus his efforts on Morgan Stanley's recently established Special Situations Fund III, as well as helping to manage the European investing operations and pipeline across the various Morgan Stanley Real Estate funds. As CFO of SSIII, Brian will report to Tim Morris, Chief Investment Officer of SSIII and John Kessler, CFO of MSREI. As COO of MSREI in Europe, he will report jointly to Sonny Kalsi, CIO of MSREI, and Struan Robertson, Head of Morgan Stanley Real Estate in Europe.

John Carrafiell, Global Co-Head of Morgan Stanley Real Estate, said: Our Real Estate business continues to be one of the most exciting areas of growth in Europe. The addition
of James and Brian to an already strong team will be of great benefit to us as we continue to develop this industry-leading business.

Source: Morgan Stanley

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